Bernard Hoekman's blog

The recent crisis dramatically illustrated how trade can be a powerful channel through which major external shocks are transmitted to countries, both negative and positive, as the resurgence in trade has been very robust and been a central feature of the global economic recovery.

Trade, in fact, is a powerful engine for economic growth and opportunity. Over the past three decades, world trade grew twice as fast as global GDP. But even though many countries have benefited greatly from global integration, the gains have been distributed unequally, both between countries and within them. In order to improve the inclusiveness of trade, and to promote its impacts on reducing poverty and inequality, the World Bank Group (WBG) has prepared its first Trade Strategy to guide its work over the next decade. Endorsed this week by the Board of Executive Directors, following a six-month public consultation process last year, the Strategy focuses on four pillars: